Chennai-based electronic payments specialist Financial Software and Systems (FSS) is reportedly on the verge of securing $200m in debt and private equity financing to fund its growth plans.
India’s Business Standard said the company has already secured Rs7.5bn of debt and is set to receive Rs2.5bn of private equity capital in a few tranches by the first quarter of the next financial year.
Nagaraj Mylandla, FSS founder and managing director, told Business Standard, “We have been pretty much low on debt for the past many years and this is the first time around we have raised this quantum of debt.
“Over the past, we have infused total equity of Rs5.5bn and going forward, we are talking to private equity funds for an infusion of Rs2.5bn in tranches and we should be able to finalise the first infusion by June of 2013.”
FSS has previously received backing from buyout major Carlyle, which participated in two rounds of equity financing for the company.
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